<p><strong>塔吉特</strong>(TGT -0.98%) 的股票在今年表现不佳，截至 5 月 9 日的一周内下跌了近 30%。多种因素共同导致了这一下跌，其中一些是宏观经济因素，另一些则是零售巨头自身造成的。</p>
<p>高通胀的持续影响抑制了消费者需求，导致塔吉特在其 2024 财年（截至 2 月 1 日）收入下降 0.8%，降至 1066 亿美元。特朗普总统的关税政策进一步给形势注入了经济不确定性。</p>
<p>不仅如此，塔吉特在 1 月份结束了其长期以来的多样性、公平性和包容性（DEI）政策，疏远了许多购物者。媒体报道表明，这一决定导致消费者抵制该连锁店，从而显著减少了今年店内的客流量。</p>
<p>这些因素对塔吉特的股价施加了下行压力，但抛售为关注长期投资的投资者提供了买入机会。多个因素表明，该公司有望迎来繁荣的未来。以下是其中三个因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>塔吉特的增长机会</h2>
<p>塔吉特无法控制宏观经济因素，但其对 DEI 的处理则是另一回事。意识到 1 月份决定的影响，塔吉特首席执行官布莱恩·康奈尔在 4 月份与民权领袖会面，并承诺在 7 月底之前兑现公司在 2020 年承诺投资 20 亿美元于黑人企业的承诺。如果管理层能够修复因撤回 DEI 政策而对品牌造成的损害，塔吉特就有机会反弹。然而，在那次会议后，一位关键参与者形容这次会议是一个良好的开端，但也表示他呼吁抵制继续进行。</p>
<p>此外，该公司正在努力通过电子商务来增加销售。塔吉特的数字收入稳步增长。在其 2024 财年，数字销售占收入的 20%，高于前一年的 18%。</p>
<p>尽管短期内面临宏观经济逆风，但从长远来看，预测显示美国电子商务销售将从今年的 1.3 万亿美元增长到 2029 年的 1.8 万亿美元。这对塔吉特的在线购物业务是个好兆头。</p>
<p>此外，超过三分之一的顾客在店内使用塔吉特移动应用程序，而这些消费者每笔交易的平均消费比不使用应用程序的顾客高出 50%。这说明数字体验和实体店体验相辅相成。</p>
<p>说到实体店，它们仍然是塔吉特的核心业务——该零售商计划在未来十年内增加 300 个门店。</p>
<h2>强大的生态系统</h2>
<p>如今的塔吉特不仅仅是一个实体店目的地。该公司构建了一个复杂的生态系统，旨在增强客户的亲和力并推动更频繁的购买。</p>
<p>这个生态系统的一部分是公司的免费忠诚度计划——塔吉特圈。注册该计划的顾客可以获得折扣和其他购物激励。该计划在 2024 年新增了 1300 万名会员——而其忠诚度会员的平均消费是非会员的 3 倍。</p>
<p>忠诚度计划产生的数据被塔吉特生态系统的另一个组成部分使用：Roundel，该零售商的内部数字广告业务。Roundel 利用人工智能分析塔吉特圈的数据，并为每个消费者提供量身定制的广告。</p>
<p>塔吉特并未透露 Roundel 的收入，但表示该业务在去年产生了 “近 20 亿美元的价值”。由于 Roundel 迄今为止的成功，塔吉特预计将在未来五年内将该广告代理的规模翻倍。</p>
<p>Roundel 在数字广告领域的一个叫做零售媒体的领域运营。这里的收入机会非常可观。<strong>亚马逊</strong> 在数字广告销售中产生了 140 亿美元。行业预测估计，美国零售媒体市场将从 2024 年的 520 亿美元扩展到 2028 年的 980 亿美元，为 Roundel 提供了顺风。</p>
<h2>股票估值具有吸引力</h2>
<p>购买塔吉特股票的最后一个理由是，目前的价格非常划算。查看其市盈率（P/E）比率就会发现这一点。这个指标是评估股票估值的常用手段，因为它告诉你投资者愿意为公司最近的每一美元收益支付多少。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png"/></p>
<p>数据来源：YCharts。</p>
<p>与竞争对手 <strong>沃尔玛</strong> 和亚马逊相比，塔吉特的市盈率在撰写本文时显著较低，这表明塔吉特的股票比其竞争对手更具价值。</p>
<p>现在购买塔吉特股票的人不仅能以吸引人的估值买入股票，还能在等待股价恢复的同时获得可观的被动收入。这是因为该公司支付股息——自 1967 年以来一直可靠支付。在当前股价下，该股息的收益率约为 4.5%，是 <strong>标准普尔 500</strong> 平均水平的三倍多。</p>
<p>塔吉特目前正经历一段艰难时期。但从长远来看，在线销售增长、扩展的门店布局、促进消费者忠诚度的生态系统以及不断扩大的广告业务都是推动其业务向前发展的因素。这些因素，加上引人注目的股票估值，使得塔吉特的股票成为值得长期投资的选择。</p>

塔吉特

<p>塔吉特的股票今年因高通胀、收入下降和有争议的政策变化而下跌近 30%。然而，该公司正专注于增长机会，包括承诺投资于黑人企业和扩大电子商务销售，目前电子商务销售占收入的 20%。塔吉特的忠诚度计划和内部广告业务 Roundel 也在推动客户参与和收入增长。与竞争对手相比，塔吉特的市盈率较低，股息收益率约为 4.5%，这使得塔吉特股票对长期投资者而言是一个买入机会</p>

<p>Shares of <strong>Target</strong>(TGT -0.98%) have struggled this year, dropping by nearly 30% through the week ending May 9. A confluence of factors contributed to that decline, some of which were macroeconomic and others that were of the retail giant's own making.</p>
<div class="lb-trans"><p><strong>塔吉特</strong>(TGT -0.98%) 的股票在今年表现不佳，截至 5 月 9 日的一周内下跌了近 30%。多种因素共同导致了这一下跌，其中一些是宏观经济因素，另一些则是零售巨头自身造成的。</p>
</div><p>The lingering impacts of high inflation curbed consumer demand, contributing to the 0.8% revenue decline to $106.6 billion that Target experienced in its fiscal 2024 (which ended Feb. 1). President Donald Trump's tariff policies are injecting further economic uncertainty into the situation.</p>
<div class="lb-trans"><p>高通胀的持续影响抑制了消费者需求，导致塔吉特在其 2024 财年（截至 2 月 1 日）收入下降 0.8%，降至 1066 亿美元。特朗普总统的关税政策进一步给形势注入了经济不确定性。</p>
</div><p>Not only that, Target alienated many shoppers by ending its longstanding diversity, equity, and inclusion (DEI) policies in January. Media reports indicate that the decision has led to a notable decline in foot traffic in its stores this year as consumers have boycotted the chain in response.</p>
<div class="lb-trans"><p>不仅如此，塔吉特在 1 月份结束了其长期以来的多样性、公平性和包容性（DEI）政策，疏远了许多购物者。媒体报道表明，这一决定导致消费者抵制该连锁店，从而显著减少了今年店内的客流量。</p>
</div><p>These factors have put downward pressure on Target's stock price, but the sell-off presents a buying opportunity for investors who are focused on the long run. Several factors suggest the company is positioned for prosperous years ahead. Here's a look at three of them.</p>
<div class="lb-trans"><p>这些因素对塔吉特的股价施加了下行压力，但抛售为关注长期投资的投资者提供了买入机会。多个因素表明，该公司有望迎来繁荣的未来。以下是其中三个因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817283%2Fconsumer-using-phone-while-shopping-at-store_gettyimages-1437990851-1200x783-01424f6.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Target's growth opportunities</h2>
<div class="lb-trans"><h2>塔吉特的增长机会</h2>
</div><p>Target can't control macroeconomic factors, but its approach to DEI is another story. Recognizing the impact of its January decision, Target CEO Brian Cornell met in April with civil rights leaders, and committed to fulfilling the company's 2020 promise to invest $2 billion into Black businesses by the end of July. If management can repair the damage it inflicted on its brand through its decision to retreat from its DEI policies, Target has a chance to rebound. Following that meeting, however, a key participant described it as a good start, but also said that he was calling for the boycotts to continue.</p>
<div class="lb-trans"><p>塔吉特无法控制宏观经济因素，但其对 DEI 的处理则是另一回事。意识到 1 月份决定的影响，塔吉特首席执行官布莱恩·康奈尔在 4 月份与民权领袖会面，并承诺在 7 月底之前兑现公司在 2020 年承诺投资 20 亿美元于黑人企业的承诺。如果管理层能够修复因撤回 DEI 政策而对品牌造成的损害，塔吉特就有机会反弹。然而，在那次会议后，一位关键参与者形容这次会议是一个良好的开端，但也表示他呼吁抵制继续进行。</p>
</div><p>In addition, the company is working to grow sales through e-commerce. Target's digital income is steadily increasing. In its fiscal 2024, digital sales comprised 20% of revenue, up from 18% in the prior year.</p>
<div class="lb-trans"><p>此外，该公司正在努力通过电子商务来增加销售。塔吉特的数字收入稳步增长。在其 2024 财年，数字销售占收入的 20%，高于前一年的 18%。</p>
</div><p>Although macroeconomic headwinds loom in the near term, over the long run, projections forecast that U.S. e-commerce sales will expand from $1.3 trillion this year to $1.8 trillion by 2029. That bodes well for Target's online shopping business.</p>
<div class="lb-trans"><p>尽管短期内面临宏观经济逆风，但从长远来看，预测显示美国电子商务销售将从今年的 1.3 万亿美元增长到 2029 年的 1.8 万亿美元。这对塔吉特的在线购物业务是个好兆头。</p>
</div><p>Also, more than a third of its customers use the Target mobile app while in its stores, and these consumers spend, on average, 50% more per transaction than those who don't, according to the company. This illustrates how the digital and store experiences are complementing each other.</p>
<div class="lb-trans"><p>此外，超过三分之一的顾客在店内使用塔吉特移动应用程序，而这些消费者每笔交易的平均消费比不使用应用程序的顾客高出 50%。这说明数字体验和实体店体验相辅相成。</p>
</div><p>Speaking of stores, they remain Target's bread and butter -- and the retailer plans to add 300 locations over the next decade.</p>
<div class="lb-trans"><p>说到实体店，它们仍然是塔吉特的核心业务——该零售商计划在未来十年内增加 300 个门店。</p>
</div><h2>A powerful ecosystem</h2>
<div class="lb-trans"><h2>强大的生态系统</h2>
</div><p>Today's Target is more than just a brick-and-mortar destination. The company has constructed a complex ecosystem designed to strengthen customer affinity and drive more frequent purchases.</p>
<div class="lb-trans"><p>如今的塔吉特不仅仅是一个实体店目的地。该公司构建了一个复杂的生态系统，旨在增强客户的亲和力并推动更频繁的购买。</p>
</div><p>One piece of this ecosystem involves the company's free loyalty program, Target Circle. Customers who sign up for it receive discounts and other incentives to shop at Target. The program acquired 13 million new members in 2024 -- and on average, its loyalty members spend 3 times more than nonmembers.</p>
<div class="lb-trans"><p>这个生态系统的一部分是公司的免费忠诚度计划——塔吉特圈。注册该计划的顾客可以获得折扣和其他购物激励。该计划在 2024 年新增了 1300 万名会员——而其忠诚度会员的平均消费是非会员的 3 倍。</p>
</div><p>The loyalty program produces data used by another component of Target's ecosystem: Roundel, the retailer's in-house digital advertising business. Roundel employs artificial intelligence to analyze Target Circle data and deliver advertising tailored specifically for each consumer.</p>
<div class="lb-trans"><p>忠诚度计划产生的数据被塔吉特生态系统的另一个组成部分使用：Roundel，该零售商的内部数字广告业务。Roundel 利用人工智能分析塔吉特圈的数据，并为每个消费者提供量身定制的广告。</p>
</div><p>Target doesn't divulge Roundel's revenue, but it noted this business produced &#34;nearly $2 billion in value last year.&#34; Because of Roundel's success to date, Target expects to double the ad agency's size over the next five years.</p>
<div class="lb-trans"><p>塔吉特并未透露 Roundel 的收入，但表示该业务在去年产生了 “近 20 亿美元的价值”。由于 Roundel 迄今为止的成功，塔吉特预计将在未来五年内将该广告代理的规模翻倍。</p>
</div><p>Roundel operates in an area of the digital advertising sector called retail media. The revenue opportunities here are substantial. <strong>Amazon</strong> generated $14 billion in digital ad sales. Industry forecasts estimate the U.S. retail media market will expand from $52 billion in 2024 to $98 billion by 2028, providing a tailwind to Roundel.</p>
<div class="lb-trans"><p>Roundel 在数字广告领域的一个叫做零售媒体的领域运营。这里的收入机会非常可观。<strong>亚马逊</strong> 在数字广告销售中产生了 140 亿美元。行业预测估计，美国零售媒体市场将从 2024 年的 520 亿美元扩展到 2028 年的 980 亿美元，为 Roundel 提供了顺风。</p>
</div><h2>The stock's valuation is attractive</h2>
<div class="lb-trans"><h2>股票估值具有吸引力</h2>
</div><p>One final reason to scoop up Target stock is that it's a bargain right now. A look at its price-to-earnings (P/E) ratio is revealing. This metric is a frequently used means of assessing stock valuation, as it tells you how much investors are willing to pay for a dollar's worth of a company's recent earnings.</p>
<div class="lb-trans"><p>购买塔吉特股票的最后一个理由是，目前的价格非常划算。查看其市盈率（P/E）比率就会发现这一点。这个指标是评估股票估值的常用手段，因为它告诉你投资者愿意为公司最近的每一美元收益支付多少。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png" alt="" original-src="https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Compared to competitors <strong>Walmart</strong> and Amazon, Target's P/E multiple is significantly lower at the time of this writing, suggesting Target shares are a better value than its rivals.</p>
<div class="lb-trans"><p>与竞争对手 <strong>沃尔玛</strong> 和亚马逊相比，塔吉特的市盈率在撰写本文时显著较低，这表明塔吉特的股票比其竞争对手更具价值。</p>
</div><p>Those who pick up Target shares now not only get the stock at an attractive valuation, they'll also get to collect an appealing passive income stream while waiting for the share price to recover. That's because the company pays a dividend -- and has reliably since 1967. And at the current share price, that dividend has a yield of around 4.5%, more than triple the <strong>S&amp;P 500</strong>'s average.</p>
<div class="lb-trans"><p>现在购买塔吉特股票的人不仅能以吸引人的估值买入股票，还能在等待股价恢复的同时获得可观的被动收入。这是因为该公司支付股息——自 1967 年以来一直可靠支付。在当前股价下，该股息的收益率约为 4.5%，是 <strong>标准普尔 500</strong> 平均水平的三倍多。</p>
</div><p>Target is going through a rough patch right now. But over the long haul, online sales growth, an expanding store footprint, an ecosystem that promotes consumer loyalty, and an expanding advertising business are factors that can propel its business forward. Those things, combined with a compelling stock valuation, make Target stock a worthwhile long-term investment.</p>
<div class="lb-trans"><p>塔吉特目前正经历一段艰难时期。但从长远来看，在线销售增长、扩展的门店布局、促进消费者忠诚度的生态系统以及不断扩大的广告业务都是推动其业务向前发展的因素。这些因素，加上引人注目的股票估值，使得塔吉特的股票成为值得长期投资的选择。</p>
</div>

购买塔吉特股票的三个理由：抓住机会，刻不容缓